October 20, 2021
Economy

How the debt ceiling and Biden agenda will affect the economy and American families

Biden got into trouble recently for saying the plan “costs zero dollars.” The Washington Post Fact Checker gave Biden two Pinocchios for that statement. First of all, it’s unclear what the final deal is going to be. Second, some taxes would go up to fund this. Third, the plans that have come out so far rely on some fuzzy math, where some programs wouldn’t start right away, and some would end after a few years. In reality, Democrats want most of these programs to continue. It would not make sense, for example, to have preschool offered for a few years and then halt the whole program. Outside budget experts say the costs are likely to be much higher than $3.5 trillion, and it remains to be seen what tax increases Democrats are ultimately willing to pass.

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